High tax rates on the rich guarantee an increase in value—for the services of experienced tax accountants.
Most wealthy people will find a thousand ways to legally avoid any tax—if it is worth their time and effort to do so.
Governments should never forget—pigs get fat and hogs get slaughtered.
There were unlimited deductions for depreciation, interest and state and local taxes.
Then you get the sanctimonious super-rich liberals who complain that they don't pay enough in income taxes while at the same time paying millions to tax accountants and tax attorneys to find every possible loophole to avoid income taxes.